Gold and silver prices opened lower in early trade on Monday, mirroring weakness in global markets amid growing uncertainty over inflation and interest rates.
In the international market, gold extended its losses to a near four-month low. Spot gold fell more than 3 per cent to around $4,340 per ounce, marking its ninth consecutive session of decline, while US gold futures also dropped sharply. Silver followed the same trend, declining over 3 per cent in global trade.
On the Multi Commodity Exchange of India, gold opened about 5 per cent lower, while silver saw a sharper 6 per cent drop. According to market data, 24-carat gold slipped by Rs 10 to Rs 1,45,960 per 10 grams, while 22-carat gold declined by Rs 10 to Rs 1,33,790 per 10 grams. Silver prices dropped more steeply, falling by Rs 100 to Rs 2,44,900 per kg.
Gold, Silver Prices in Major Cities (March 23, 2026)
| City | 24K Gold (Rs/g) | 22K Gold (Rs/g) | 18K Gold (Rs/g) | Silver (Rs/10g) | Silver (Rs/kg) |
| Chennai | Rs 14,857 | Rs 13,619 | Rs 11,359 | Rs 2,499 | Rs 2,49,900 |
| Mumbai | Rs 14,596 | Rs 13,379 | Rs 10,947 | Rs 2,449 | Rs 2,49,900 |
| Delhi | Rs 14,611 | Rs 13,394 | Rs 10,962 | Rs 2,499 | Rs 2,49,900 |
| Kolkata | Rs 14,596 | Rs 13,379 | Rs 10,947 | Rs 2,499 | Rs 2,49,900 |
| Bengaluru | Rs 14,596 | Rs 13,379 | Rs 10,947 | Rs 2,499 | Rs 2,49,900 |
| Hyderabad | Rs 14,596 | Rs 13,379 | Rs 10,947 | Rs 2,499 | Rs 2,49,900 |
| Kerala | Rs 14,596 | Rs 13,379 | Rs 10,947 | Rs 2,499 | Rs 2,49,900 |
| Pune | Rs 14,596 | Rs 13,379 | Rs 10,947 | Rs 2,499 | Rs 2,49,900 |
| Vadodara | Rs 14,601 | Rs 13,384 | Rs 10,952 | Rs 2,499 | Rs 2,49,900 |
| Ahmedabad | Rs 14,601 | Rs 13,384 | Rs 10,952 | Rs 2,499 | Rs 2,49,900 |
Silver prices were quoted at Rs 2,44,900 per kg in Delhi, Mumbai and Kolkata, while Chennai remained higher at Rs 2,49,900 per kg.
City-wise Gold Prices (per 10 grams)
Mumbai, Kolkata, Bengaluru, Hyderabad:
• 24K gold: Rs 1,45,960
• 22K gold: Rs 1,33,790
Delhi:
• 24K gold: Rs 1,46,110
• 22K gold: Rs 1,33,940
Chennai:
• 24K gold: Rs 1,48,570
• 22K gold: Rs 1,36,190
What’s driving the fall?
The decline in bullion prices is mainly influenced by global factors, with multiple pressures weighing on the market:
• Rising crude oil prices are fuelling inflation concerns worldwide
• Expectations of higher interest rates are reducing the appeal of gold, which does not generate returns like interest-bearing assets
• A stronger US dollar and higher bond yields are making bullion costlier for overseas buyers
• Escalating tensions in the Middle East, including concerns around the Strait of Hormuz, are increasing market volatility
Overall, the current environment remains unfavourable for gold. When interest rates stay elevated and the dollar strengthens, investors tend to move away from non-yielding assets such as gold and silver.
What should investors watch?
The near-term outlook for gold and silver will depend on:
• Trends in crude oil prices
• Signals from the US Federal Reserve on potential rate cuts
• Geopolitical developments in the Middle East
• Movements in the US dollar and bond yields